Lawson Products (LAWS) Post Q1 Loss, Sales Miss Views

Lawson Products (NASDAQ: LAWS) reported Q1 EPS of ($0.34), which may not compare to the analyst estimate of $0.10. Revenue for the quarter came in at $69.2 million versus the consensus estimate of $76.3 million.

Michael DeCata, president and chief executive officer, commented, “We continued to make progress this quarter as both our total net sales and average daily sales improved over last quarter. Expanding our sales team continues to be a top priority and this quarter we added 30 sales reps. We are continuously improving our hiring, onboarding and training processes and are successfully attracting high-quality, experienced sales representatives to our organization. We plan to continue our sales force expansion.

“During the quarter we continued to streamline our operations. We finalized the sale of our non-core ASMP subsidiary. We also entered into a commitment to sell our Reno distribution center and leaseback only the portion we've been utilizing since the sale of Rutland Tools in 2010. This transaction is expected to provide net cash of approximately $8.4 million in the second quarter and will result in future operational savings. The operational investments and process improvements our team has made are yielding positive results. We remain highly committed to driving operational efficiencies while keeping our customer service levels high. With our previous investments in place we now have the platform to support sustainable, long-term sales growth and improved financial results," continued Mr. DeCata.

For earnings history and earnings-related data on Lawson Products (LAWS) click here.

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